News Releases

Advantage Announces New Natural Gas Commodity Price Hedges

Apr 8, 2013

(TSX: AAV, NYSE: AAV)

CALGARY, April 8, 2013 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") announces that it has entered into new natural gas commodity price
hedges for 2014 to 2016. These hedges will provide cash flow stability
to support our capital program that will focus on doubling production
at Glacier to 200 mmcf/d by Q1 2015. Advantage has now hedged the
following average production volumes at the corresponding averages
prices for the periods as follows:

Period

Average Volume Hedged

Average Price$Cdn. AECO

2013 Year

29,224 mcf/d

$3.31/mcf

2014 Year

47,391 mcf/d

$3.79/mcf

2015 Year

45,021 mcf/d

$3.91/mcf

2016 Q1

42,652 mcf/d

$3.90/mcf

Below is a list of the new derivative contracts entered into by
Advantage:

Description of Derivative

Term

Volume

Average Price$Cdn. AECO

Natural gas - AECO

Fixed price

April 2014 to March 2015

18,956 mcf/d

$3.82/mcf

Fixed price

April 2015 to March 2016

18,956 mcf/d

$3.90/mcf

Fixed price

April 2015 to March 2016

9,478 mcf/d

$3.90/mcf

Fixed price

April 2015 to March 2016

14,217 mcf/d

$3.91/mcf

A detailed list of all individual derivative contracts as at April 8,
2013 is available on our website at www.advantageog.com.

Advisory

The information in this press release contains certain forward-looking
statements, including within the meaning of the United States Private
Securities Litigation Reform Act of 1995. These statements relate to
future events or our future intentions or performance. All statements
other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate", "plan",
"continue", "estimate", "demonstrate", "expect", "may", "will",
"project", "predict", "potential", "targeting", "intend", "could",
"might", "should", "believe", "would" and similar expressions and
include statements relating to, among other things management's intent
to focus on doubling production throughput at Glacier to 200 mmcf/d by
Q1 2015, management's belief that the Glacier property demonstrates
economic growth potential and scalability despite low gas price
environment, expected plans and timing of drilling and completion of
wells, expected increases and rates of production, expected plans to
expand facilities and projections with respect to individual wells,
regions, properties or projects.

These statements involve substantial known and unknown risks and
uncertainties, certain of which are beyond Advantage's control,
including: the impact of general economic conditions; industry
conditions; changes in laws and regulations including the adoption of
new environmental laws and regulations and changes in how they are
interpreted and enforced; fluctuations in commodity prices and foreign
exchange and interest rates; stock market volatility and market
valuations; volatility in market prices for oil and natural gas;
liabilities inherent in oil and natural gas operations; uncertainties
associated with estimating oil and natural gas reserves; competition
for, among other things, capital, acquisitions of reserves, undeveloped
lands and skilled personnel; incorrect assessments of the value of
acquisitions; changes in income tax laws or changes in tax laws and
incentive programs relating to the oil and gas industry and income
trusts; geological, technical, drilling and processing problems and
other difficulties in producing petroleum reserves; and obtaining
required approvals of regulatory authorities. Advantage's actual
decisions, activities, results, performance or achievement could differ
materially from those expressed in, or implied by, such forward-looking
statements and, accordingly, no assurances can be given that any of the
events anticipated by the forward-looking statements will transpire or
occur or, if any of them do, what benefits that Advantage will derive
from them. Except as required by law, Advantage undertakes no
obligation to publicly update or revise any forward-looking statements.
For additional risk factors in respect of Advantage and its business,
please refer to its Annual Information Form dated March 26, 2013 which
is available on SEDAR at www.sedar.com and www.advantageog.com.